LIVE – Floor of the NYSE! July 27, 2018 Financial News – Business News – Stock News – Market News

Financial News – Business News – Stock News – Market News – Stock Exchange


Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018

Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018

On Monday existing home sales for June declined .6% to an annualized 5.38 million units. With the more than 17% of S&P 500 companies reporting earnings, 82% of them exceeded analysts’ expectations. The world’s financial heads from G-20 met the past weekend in Argentina, and they noted that the world economy faces increased risks. Banks and tech sectors rallied but the broader market didn’t do much.

On Tuesday the PMI composite flash for July declined one-tenth of a point to 55.9. Markets rallied on better than expected earnings reports, with the Dow Industrials finishing up almost 200 points. U.S. crude oil increased .9% to settle at $68.52 a barrel.

On Wednesday new home sales for June fell 5.3% to an annualized 631,000 units, lower than analysts’ estimates. The EIA petroleum status report for the week ending July 20th saw crude oil inventory fall 6.1 million barrels, 16.2% below their year-ago levels. President Trump reached an agreement with the European Commission to avoid a trade war. Markets rallied on the news with the Dow Industrials closing up 172 points and the Nasdaq Composite gaining 1.2% to close at a record high.

On Thursday durable goods orders for June rose 1% compared to the prior month’s .3% decline and jobless claims for the week ending July 21st rose 9,000 to 217,000. Facebook released financial results the previous evening after market close and disappointed investors with both revenue growth and global daily active users growth slower than expected. During trading Thursday, Facebook shares cratered and dragged down the Nasdaq Composite by 1%. However, the Dow Industrials managed to end 112 points higher on good earnings by non-tech companies.

On Friday the first estimate of the second quarter GDP came in at 4.1%, its strongest gain since 2014, helped by increasing consumer spending. Markets opened mixed on disappointing news from tech stocks. Now let’s take a look at some stocks.

Grubhub Inc. (NYSE: GRUB) on Wednesday announced financial results for the second quarter posting revenues of $240 million, up 51% year-over-year. Gross food sales grew 39% year-over-year to $1.2 billion. Shares of Grubhub rose to over $137 post announcement.

AMD (NASDAQ: AMD) reported its second quarter results on Wednesday, with revenue of $1.76 billion, and net income of $116 million, or $0.11 per share. Revenue was up 53% year-over-year and the increase was driven by higher growth in the Computing, Graphics and Enterprise segment and the Embedded and Semi-Custom segment.

Facebook, Inc. (NASDAQ: FB) reported on Wednesday, its second quarter financial results. Daily and monthly active users were 1.47 billion on average for June 2018, an increase of 11% year over year, but lower than expectations. Capital expenditures were $3.46 billion. Facebook shares fell about 20% to under $175 post announcement.

Spotify Technology S.A. (NYSE: SPOT) reported on Thursday, its second quarter financial results. The company had 180 million monthly active users and 83 million premium subscribers, up 30% and 40% respectively, year over year. Total Revenue was almost 1.3 billion Euro., Inc. (NASDAQ: AMZN) announced Thursday afternoon financial results for its second quarter. Operating cash flow increased 22% to $21.8 billion for the trailing twelve months. Net sales increased 39% to $52.9 billion in the second quarter, compared with $38.0 billion a year ago.

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